HPM Partners LLC cut its holdings in shares of PPG Industries, Inc. (NYSE:PPG) by 27.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,754 shares of the specialty chemicals company’s stock after selling 2,580 shares during the period. HPM Partners LLC’s holdings in PPG Industries were worth $789,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also bought and sold shares of the company. TIAA FSB lifted its position in PPG Industries by 6.2% during the fourth quarter. TIAA FSB now owns 30,031 shares of the specialty chemicals company’s stock valued at $3,508,000 after purchasing an additional 1,744 shares during the period. Private Advisor Group LLC raised its position in shares of PPG Industries by 19.2% in the third quarter. Private Advisor Group LLC now owns 16,278 shares of the specialty chemicals company’s stock worth $1,827,000 after acquiring an additional 2,626 shares during the period. Norinchukin Bank The raised its position in shares of PPG Industries by 7.4% in the third quarter. Norinchukin Bank The now owns 19,089 shares of the specialty chemicals company’s stock worth $2,074,000 after acquiring an additional 1,310 shares during the period. Bessemer Group Inc. raised its position in shares of PPG Industries by 90.8% in the third quarter. Bessemer Group Inc. now owns 3,107 shares of the specialty chemicals company’s stock worth $337,000 after acquiring an additional 1,479 shares during the period. Finally, BlackRock Inc. raised its position in shares of PPG Industries by 1.2% in the fourth quarter. BlackRock Inc. now owns 14,943,714 shares of the specialty chemicals company’s stock worth $1,745,724,000 after acquiring an additional 175,593 shares during the period. Institutional investors own 76.90% of the company’s stock.
In other news, VP Jean-Marie Greindl sold 9,500 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $115.79, for a total value of $1,100,005.00. Following the completion of the sale, the vice president now owns 27,685 shares of the company’s stock, valued at approximately $3,205,646.15. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.33% of the company’s stock.
Shares of PPG Industries, Inc. (NYSE:PPG) opened at $116.07 on Wednesday. PPG Industries, Inc. has a one year low of $100.45 and a one year high of $122.07. The stock has a market cap of $29,101.09, a PE ratio of 19.77, a P/E/G ratio of 2.02 and a beta of 1.56. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.22 and a current ratio of 1.66.
PPG Industries (NYSE:PPG) last announced its quarterly earnings data on Thursday, January 18th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.01. PPG Industries had a net margin of 10.98% and a return on equity of 26.76%. The company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.61 billion. During the same quarter in the prior year, the company earned $1.19 EPS. PPG Industries’s revenue was up 7.8% compared to the same quarter last year. equities analysts expect that PPG Industries, Inc. will post 6.55 earnings per share for the current year.
PPG Industries announced that its board has authorized a stock repurchase plan on Thursday, December 14th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, March 12th. Stockholders of record on Friday, February 16th were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.80 annualized dividend and a dividend yield of 1.55%. PPG Industries’s dividend payout ratio (DPR) is 28.53%.
PPG has been the subject of a number of analyst reports. Jefferies Group reiterated a “buy” rating and issued a $135.00 price objective on shares of PPG Industries in a research report on Wednesday, January 3rd. Northcoast Research reiterated a “buy” rating and issued a $128.00 price objective on shares of PPG Industries in a research report on Friday, January 19th. Barclays reiterated an “equal weight” rating and issued a $122.00 price objective (down previously from $125.00) on shares of PPG Industries in a research report on Friday, March 2nd. ValuEngine downgraded shares of PPG Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, March 7th. Finally, Royal Bank of Canada reiterated a “hold” rating and issued a $115.00 price objective on shares of PPG Industries in a research report on Wednesday, January 17th. Twelve equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $124.19.
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About PPG Industries
PPG Industries, Inc manufactures and distributes a range of coatings and specialty materials. The Company has two segments: Performance Coatings and Industrial Coatings. The Performance Coatings segment includes the refinish, aerospace, protective and marine, architectural businesses. The Industrial Coatings segment includes the automotive original equipment manufacturer (OEM), industrial coatings, packaging coatings, coatings services and specialty coatings and materials businesses.
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